ATHENA STRATEGY: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ATHENA STRATEGY
Largest movements
- Cash +€3,078
up €3,078 (+523%), from €589 to €3,667
- Receivables within one year +€2,038
up €2,038 (+8.7%), from €23,559 to €25,597
- Trade debts +€6,478
up €6,478 (+73.0%), from €8,873 to €15,351
- Other debts -€943
down €943 (-11.4%), from €8,275 to €7,332
- Tax, wage and social debts -€419
down €419 (-24.5%), from €1,709 to €1,290
- Financial charges -€31
down €31 (-10.5%), from €295 to €264
- Gross operating margin -€21
down €21 (-6.8%), from €305 to €284
- Other operating charges +€10
up €10 (+98.3%), from €10 to €21
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,058 | €30,174 | +€5,116 | +20.4% |
| Fixed assets | 21/28 | €910 | €910 | = | 0.0% |
| Financial fixed assets | 28 | €910 | €910 | = | 0.0% |
| Current assets | 29/58 | €24,148 | €29,264 | +€5,116 | +21.2% |
| Amounts receivable within one year | 40/41 | €23,559 | €25,597 | +€2,038 | +8.7% |
| Trade receivables | 40 | €23,559 | €25,597 | +€2,038 | +8.7% |
| Cash at bank and in hand | 54/58 | €589 | €3,667 | +€3,078 | +523% |
| Total equity and liabilities | 10/49 | €25,058 | €30,174 | +€5,116 | +20.4% |
| Equity | 10/15 | €6,201 | €6,201 | = | 0.0% |
| Contributions | 10/11 | €6,201 | €6,201 | = | 0.0% |
| Amounts payable | 17/49 | €18,857 | €23,973 | +€5,116 | +27.1% |
| Amounts payable within one year | 42/48 | €18,857 | €23,973 | +€5,116 | +27.1% |
| Trade debts | 44 | €8,873 | €15,351 | +€6,478 | +73.0% |
| Suppliers | 440/4 | €8,873 | €15,351 | +€6,478 | +73.0% |
| Taxes, remuneration and social security | 45 | €1,709 | €1,290 | -€419 | -24.5% |
| Taxes | 450/3 | €1,709 | €1,290 | -€419 | -24.5% |
| Other amounts payable | 47/48 | €8,275 | €7,332 | -€943 | -11.4% |
| Other operating charges | 640/8 | €10 | €21 | +€10 | +98.3% |
| Gross operating margin | 9900 | €305 | €284 | -€21 | -6.8% |
| Operating profit (loss) | 9901 | €295 | €264 | -€31 | -10.5% |
| Financial charges | 65/66B | €295 | €264 | -€31 | -10.5% |
| Recurring financial charges | 65 | €295 | €264 | -€31 | -10.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.